"...another large miner will become interested in bidding against cliffs to maximize our share price."

This idea of a Major coming in to bid over Cliffs' always puzzles me.

Who would be interested to acquire a 30% share of a property which development has been put indefinitely on the backburner by the majority holder... Ulnless you bet on Cliffs switching Black Thor for Big Daddy as the first mine (I do not believe that this will happen, do you?).

Or, obviously, unless the Major also buys the majority holding from the majority holder... or swallows the majority holder and the minority holder altogether!

GLTA.

BaBe.